Royal London has received criticism from an adviser after responding to a request for a guaranteed annuity rate that culminated in several delays of multiple weeks, and it has been dubbed an “utter waste” of time and money.
Chartered financial planner Darren Cooke's client was under an old Cooperative Insurance Society (CIS) plan, which rebranded to Royal London in 2013, and includes a guaranteed annuity rate (GAR). For his client, Cooke said, the GAR was perfect. The client is single, has no kids and is in reasonable health for a 65-year-old. Red Circle Financial Planning's Cooke put in a request to accept the GAR. However, Cooke said this was where the problems began. The first issue raised was the maturity pack, which was sent out twice, and did not show the correct income due based on the GAR. Royal Lon...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
